Strides Arcolab shares plunge over 5 per cent

Shares of Strides Arcolab fell by over 5 per cent today after the government rejected proposal of the drug firm to issue shares to non-resident and resident equity shareholders of Shasun Pharmaceuticals.
The scrip declined by 5.4 per cent to Rs 1,090.80 at the BSE.
On the NSE, it lost 5 per cent to Rs 1,095.25.
The government yesterday rejected proposal from Strides Arcolab for issuing shares to non-resident and resident equity shareholders of Shasun Pharmaceuticals Ltd under a scheme of merger.
Proposals for foreign direct investment amounting to around Rs 4,000 crore by four pharma and medical devices firms, including Torrent Pharmaceuticals and Biocon's research services arm Syngene, were yesterday approved by the government.

Meanwhile, in the broader market, the BSE 30-share Sensex was trading at 27,083.51, up 250 points.